Moody’s rates Flexera facilities B1

Moody’s Investors Service said it assigned B1 ratings to Flexera Software LLC’s new $65 million first-lien senior secured revolving credit facility and $285 million incremental first-lien term loan. The agency also upgraded Flexera’s existing first-lien senior secured term loan rating to B1 from B2. Moody’s plans to withdraw this rating after the loan is repaid.

Private equity firm Thoma Bravo will use the proceeds and a new unrated second lien term loan, along with cash equity, to purchase a majority stake in Flexera from its current owners, Ontario Teachers’ Pension Plan and TA Associates.

The agency also affirmed Flexera’s B2 corporate family and B2-PD probability of default ratings, and the outlook remains stable.

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